So you’ve finally found that perfect house with the white picket fence and blue turrets. You’ve been made an offer, and you’d like to seal the deal. Buying and selling property requires a ton of paperwork that will outline and document the specifications of your offer.
Wikipedia defines a Real Estate Contract as “a contract between parties for the purchase and sale, exchange, or other conveyance of real estate.” The details of a Real Estate Contract generally depend on the state and local levels; however, Real Estate Contracts typically have to be in writing in order for them to be implemented.
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Real Estate Contracts: What’s in Them
Identity of Parties Involved
Your Real Estate Contract should indicate the names of all the parties involved in the negotiation, regardless if it is a corporate entity or a Limited Liability Company (LLC.) Typically, people involved in the sale of a real estate property are the buyer, the seller, an agent, or an attorney.
Dates and Duration
Dates involved in the agreement should also be indicated in the contract, such as its expiration date and its start date.
Your Real Estate Contract should indicate a legal description of the property. Legal descriptions are typically provided by a licensed surveyor who is trained and authorized to locate and determine the legal description of any property.
Offering Price and Financial Terms
State the offering price and the terms for which payment must be given, including date or schedules of payment.
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A Seller Assist is when a seller and a buyer have agreed that the seller will cover a portion of or all closing costs. Closing costs are expenses that are over and above the price of the property, such as origination fees and private mortgage insurance.
Home Inspection Contingency
A Home Inspection Contingency allows a buyer to freely walk away from a deal if the results of a home inspection yield expensive results.
Other key clauses may also be further added into the contract that relate to the purchase of a real estate property such as title requirements, warranties, and escrow.
All parties involved in the purchase deal have to willfully affix their signature as a demonstration of acceptance to the terms and conditions stated in the contract.
The Cancellation of a Home Purchase Agreement
Cancelling a Real Estate Contract can be possible if the offer has not yet been accepted. A buyer or a seller may issue a document that states the withdrawal of the offer. However, things can get a little tricky when the offer has already been accepted and especially if the seller does not have other or better offers for the property.
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